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Cities, States Tell Big Banks They'll Go Elsewhere

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MOVE YOUR TAX REVENUE TOO?
"State lawmakers in Maryland, Massachusetts, Minnesota and New Mexico have introduced legislation that would funnel more money into small financial institutions, which generally have avoided the brunt of criticism over the industry's reluctance to lend. New York Mayor Michael Bloomberg wants to deposit as much as $25 million in city tax proceeds in credit unions. And Lake Oswego, Ore., a suburb of Portland with about 36,000 residents, is moving $1.2 million from a state investment pool into six community-based banks that support local businesses, community organizations and civic groups," the WSJ reports.

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